NAIROBI (CoinChapter.com) — Solana’s native token, SOL, has experienced a sharp price rally, surpassing Ethereum in recent trading. The rally coincided with the launch of the “Official TRUMP” meme coin on the Solana blockchain, pushing its total locked value (TVL) to a new all-time high of $12 billion.

Solana TVL breaks through $12 billion, TRUMP meme coin boosts rebound
According to DefiLlama data, on January 19, Solana's TVL exceeded $12 billion for the first time since November 2022. In the past week, the blockchain's TVL has grown by almost 50%, reflecting the strong interest of investors driven by the Trump meme coin. This milestone highlights Solana's recovery since the FTX debacle, which led to a sharp decline in its ecosystem.


SOL/USD also reached a new all-time high of $255.38 on January 19, a staggering 30,00% gain since the low of $7 in December 2022. During the memecoin craze, the network's daily transaction volume grew by more than 20%, showing a resurgence in activity and user engagement.
Solana Outpaces Ethereum and Other Competitors
Over the past 30 days, Solana’s TVL has grown by 46%, surpassing its first-tier competitors, including Ethereum, which has fallen by 1.87% over the same period.


Analyst Greeny linked Solana’s rise to the popularity of the Trump meme coin, emphasizing how it has increased user activity and liquidity in the network’s decentralized applications. He also mentioned that rumors about a crypto reserve backed by the Trump administration further strengthened the bullish momentum.

Analysts assess next steps for SOL
Analyst REX questions whether Solana can sustain a rally above $300 without a bigger catalyst than Trump’s meme coin. Meanwhile, analyst Greeny predicts further gains, noting that medium-term targets could be at $370 and $425, with long-term predictions closer to $685.


Polymarket data shows that the probability of SOL reaching $300 before January 31 is 40%-50%, although these probabilities are still volatile.
Technically, the price of SOL shows a bull flag pattern on the four-hour chart. The pattern suggests that if the current level rises by another 40%, the next upside target is close to $360.


The daily relative strength index (RSI) is 58, which is below the overbought threshold of 70, suggesting that prices could still have further room to rise if the bullish momentum persists.
Solana’s rally, buoyed by the launch of Trump’s memecoin, underscores the network’s ability to attract activity and boost value. However, continued growth will depend on broader market trends and the network’s ability to maintain momentum beyond the current catalyst.